Slide 1: A sustainable future at sea
A sustainable future at sea www.havgroup.no
Slide 2: Agenda
Agenda 1. Q2 highlights 2. HAV Group in brief 3. Business segment update 4. Financials 5. Summary and outlook 6. Q&A A sustainable future at sea www.havgroup.no
Slide 3: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS Key developments • Solid quarterly revenue of NOK 193.3 million (Q2 2024: 193.2 million) Operating income EBITDA Cash balance • EBITDA of NOK 4.1 (0.0) • Strong performance from energy design and smart control systems NOK 193.3m NOK 4.1m NOK 293.0m • Steadily strengthening balance
Slide 4: Order intake & backlog
Order intake & backlog Order intake per quarter Order backlog development 600 570 1400 1387 500 1350 1322 400 1300 1288 1267 300 1250 1227 214 215 189 200 1200 100 70 1150 0 1100 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 NOK 200 million contract to develop SOV for ESVAGT (17 July 2
Slide 5: HAV Group in brief
HAV Group in brief A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 6: HAV Group in brief: key facts
Headquarters Fosnavåg, Norway Enabling optimized vessel performance, safety and operating costs CEO Gunnar Larsen Employees Value proposition: Improves vessel and cargo owners’ competitiveness by providing advice and 161 optimized solutions throughout a ship’s lifecycle Operating income Q2 2025 NOK
Slide 7: Supplier of innovative ship design and systems
Supplier of innovative Supplier of sustainable Supplier of zero-emission Supplier of ballast water ship design. energy systems. electric hydrogen-based energy treatment systems and pioneering the design propulsion. automation. and systems for vessels. process water treatment and construction of NavC
Slide 8: Our main industry segments
Our main industry segments Offshore wind Oil and gas Ferries and ropax Aquaculture Fishery Short sea cargo A sustainable future at sea www.havgroup.no
Slide 9: Segment information
Segment information A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 10: Ship design | Q2 highlights
Ship design | Q2 highlights • Contract win as design provider for a new live fish carrier for Norwegian aquaculture logistics operator North Salmon Service • Majority of design and engineering work to be executed in 2025 • Still unutilised capacity in ship design business, employees on temporary lea
Slide 11: Energy design and smart control systems | Q2 highlights
Energy design and smart control systems | Q2 highlights • Another quarter with solid financial performance • Important contract wins in Q2 2025: • EUR 8.5 million contract for energy design and smart control systems for two newbuild vessels • Contract for delivery of three charging stations for ferr
Slide 12: Water treatment systems | Q2 highlights
Water treatment systems | Q2 highlights • Improved financial results compared to previous quarters • New contracts to supply five separate ballast water treatment systems to various shipyards in Norway • New regulations for land-based aquaculture and reopening of license applications announced on 1
Slide 13: Hydrogen-based energy systems | Q2 highlights
Hydrogen-based energy systems | Q2 highlights • Cost and activity levels reduced in HAV Hydrogen, as earlier communicated • Construction of the ZEPOD prototype put on hold until a strategy for the company’s continued operations has been further established, thereby avoiding additional cost • Intelle
Slide 14: Order backlog: segment breakdown
Order backlog: segment breakdown 1200 1034 20 1000 934 800 600 Q2 2024 417 Q2 2025 400 1288 200 163 89 36 External Internal 0 Ship design Energy design & smart Water treatment control systems A sustainable future at sea www.havgroup.no
Slide 15: Financials
Financials A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 16: Revenue and EBITDA
Revenue and EBITDA Revenue EBITDA 10 7,7 350 303,9 5 4,1 300 0,0 0,4 0 250 -5 192,2 193,3 200 -10 147,9 150 134,8 -15 100 -20 50 -25 -24,8 0 -30 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 A sustainable future at sea www.havgroup.no
Slide 17: Q2 2025 key financials
Q2 2025 key financials NOKm Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 Comments Unaudited Unaudited Unaudited Unaudited Audited • High activity level in quarter Operating income 193.3 193.2 341.3 320.3 759.0 • Improved EBITDA and net profit compared to same quarter last year EBITDA 4.1 0.0 4.5 -18.0 - 3
Slide 18: Financials by segment
Ship design Water treatment systems NOKm Q2 2025 Q2 2024 2024 NOKm Q2 2025 Q2 2024 2024 Operating income 42.5 56.6 334.9 Operating income 26.1 29.3 97.7 EBITDA -4.8 5.1 7.9 EBITDA 1.3 4.8 0.3 Profit before tax -5.2 4.2 9.8 Profit before tax 0.2 2.2 7.7 Energy design & smart Hydrogen-based control sy
Slide 19: Q2 2025 balance sheet
Q2 2025 balance sheet NOKm Q2 2025 2024 NOKm Q2 2025 2024 Comments unaudited audited unaudited audited Non-current assets Assets: Total equity 86.1 86.5 Total intangible assets 81.3 85.1 • Total receivables increased by NOK 98.3 million from Total tangible fixed assets 11.1 11.0 Liabilities start of
Slide 20: Q2 2025 cash flow statement
Q2 2025 cash flow statement NOKm Q2 2025 Q2 2024 2024 Comments Q2 2025 (NOKm) Unaudited Unaudited Audited Strong positive cash flow from operations • Net other current receivable/liabilities + 55 Net cash flow from Operating activities 52.0 0.9 100.0 • Advance payment from customers -6.2 • Net payab
Slide 21: Summary and market outlook
Summary and market outlook A sustainable future future at sea www.havgroup.no www.havgroup.no
Slide 22: Summary
Summary Positive EBITDA in Q2 2025 with New orders for NOK 215 million Important contract win for Ship Executed strategic realignment growth and solid results in the signed in Q2 2025 Design business and downscaling of hydrogen energy and smart control business segment Solid order backlog of NOK 1,2
Slide 23: Outlook
Outlook • Global megatrends: The green transition, stricter regulations, and increasing competition continue to shape the maritime industry. HAV Group is well positioned to address these challenges with technology that enhances vessel operations, profitability, and environmental performance. • Marke
Slide 24: A sustainable future at sea
A sustainable future at sea www.havgroup.no